GPG, the international generation subsidiary of Naturgy, has closed an AUD284 million (US$197.6 million) non-recourse debt financing arrangement with VISION. VISION is an onshore wind construction financing vehicle, launched in collaboration between institutional investors advised by J.P. Morgan Asset Management (JPMAM) and Vestas Wind Systems.
The debt proceeds will be used to finance the construction of the Berrybank wind project, with a total installed capacity of 180 MW. The construction of the 180 MW facility started in January 2019 and its interconnection is expected to take place in the second quarter of 2020.
In August 2018, Berrybank was awarded a 180 MW PPA by means of a support agreement of 15 years with the State of Victoria in its last renewable energy auction.
Corresponding regulatory approvals have already been obtained.
